The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.

The Federal Reserve Banks have amended Operating Circular 9, Federal Tax Payments and Treasury Tax and Loan Depositaries. As first announced in the May 15, 2007, issue of FedFlash and as requested by the U.S. Department of the Treasury, the Federal Reserve Banks have modified the Federal Reserve Electronic Tax Application (FR-ETA)—the system used to receive, process, and transmit same-day federal tax payment information for taxpayers—so that it no longer accepts information sent using nonvalue Fedwire® messages (that is, messages designated as type/subtype 1090). FR-ETA now accepts only Fedwire 1000 messages.

This change necessitated an amendment of Operating Circular 9. Specifically, the amendment deletes all references to the use of nonvalue Fedwire transactions, including paragraph 5.2.2.2. Several other minor, technical revisions have also been made.

To coincide with the change to FR-ETA, the amendment was effective as of November 3, 2007. Your continued use of Reserve Bank services on or after that date constitutes agreement to the new terms of the operating circular.

See the link below on the Federal Reserve Financial Services website for the official version of the amended operating circular. To request a paper copy of any operating circular, contact your Customer Contact Center.